Algeria fully implements the voluntary adjustment agreement reached in April

Vienna, Austria, 15 May 2020--Algeria has confirmed that it has fully adjusted its oil production as part of its commitment to oil market stability and the agreements reached at the 9th and 10th (Extraordinary) OPEC and non-OPEC Ministerial Meetings held on 9 and 12 April respectively via videoconference.

HE Mohamed Arkab, Algeria’s Minister of Energy and President of the OPEC Conference, said in a statement that Algeria has reduced its oil production in full conformity with the agreement concluded on 12 April 2020, expressing his confidence that all the countries signatory to the agreement will respect the voluntary commitments made.

OPEC President emphasised that the oil market conditions and prospects are of concern to all producers and require full conformity with the voluntary production reduction agreement.

HE Arkab added: “the most difficult [time] is behind us … the market situation will improve quickly thanks to the resumption of the economic growth and the actions of OPEC+ countries.”